Survey: Many Small Businesses Do Not Have Optimal Retirement Plans

Feb 23, 2012

A recently released survey conducted by Fidelity Investments found that more than half of the nearly 6 million small businesses in the U.S. may not have the best possible retirement plans for their specific needs.

According to the survey, which included responses from more than 500 small

A recently released survey conducted by Fidelity Investments found that more than half of the nearly 6 million small businesses in the U.S. may not have the best possible retirement plans for their specific needs.

According to the survey, which included responses from more than 500 small business owners, many basic questions about their retirement plans could not be answered. Specifically, half of those who use a self-employed 401(k) did not know the maximum annual employer contribution for the plan.

"With the April tax filing deadline just around the corner, now is an ideal time for small business owners to reassess their retirement plans and determine if they meet their needs," Ken Hevert, vice president of Fidelity Investment, said in a release. "To ensure small business owners are in the best plan, Fidelity works closely with them to evaluate their specific retirement savings goals through one-on-one guidance with our investment professionals and educational content online."

The survey was released as another recent study by MPN Incorporated found a significant percentage of small business owners were planning to work well past their retirement age, the San Antonio Business Journal reported.